Technical Analysis:
US OIL is currently near its 1D order block and we can expect price to reach towards 78-80 levels. We can either wait for 1H mss or look for MSS on 15M time frame.
Fundamentals:
Crude oil prices slumped amid easing supply side issues and a de-escalation of tensions in the Middle East that appears likely to lower the geopolitical risk premium, ANZ Bank said in a Tuesday note.
The U.S. said Israel Prime Minister Benjamin Netanyahu had accepted a bridging proposal that aimed to resolve differences between Israel and Hamas.
Production at Libya's Waha oil field has returned to normal levels of about 300,000 barrels per day after pipeline maintenance was completed earlier than expected, the bank noted. However, the country's Sharara field remains offline amid a political dispute.
On the demand side, China remains a concern despite strong summer travel, as the use of high-speed rail and electric vehicles has reduced gasoline consumption, ANZ Bank said. Sales at China's two biggest retailers, PetroChina and Sinopec, have dropped more than 5% since the start of July
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